Employee of Minnesota State Colleges and Universities who is a member of the higher education individual retirement account plan authorization to elect coverage by the Teachers Retirement Association
Impact
If enacted, SF1995 will positively impact the retirement options available to employees within the Minnesota State Colleges and Universities system. It allows for a particular employee, born on a specific date and meeting additional criteria, to opt for membership in the TRA. This provides a path for retirement benefits that may be more favorable compared to the existing higher education individual retirement account plan. This move aims to enhance the security and benefits of employees in the Minnesota education sector.
Summary
SF1995 is aimed at authorizing a specific employee of the Minnesota State Colleges and Universities system to elect to receive retirement coverage under the Teachers Retirement Association (TRA). This bill allows individuals eligible under defined criteria to retroactively receive service and salary credit in the TRA from a specified date, which is seen as a significant step to ensuring better retirement benefits for affected employees. The bill was introduced and read and subsequently referred to the relevant governmental committee for further consideration.
Contention
Discussion surrounding SF1995 may include potential concerns about the implications for the larger retirement system and fairness to other employees not covered by this specific provision. Concerns might arise regarding whether this sets a precedent for other employees seeking similar options, potentially affecting the TRA's funding and stability. However, supporters may argue that it rectifies an oversight regarding retirement election options for a qualified employee, ensuring their rights and benefits are secured as intended.
Eligible employees of Minnesota State Colleges and Universities authorization who are members of the higher education individual retirement account plan to elect coverage by the Teacher Retirement Association and receive retroactive service credit
Certain employees of the Fond Du Lac Tribal and Community College who are members of the higher education individual retirement account plan authorization to elect coverage by the Teachers Retirement Association and receive retroactive service credit
Employees of Fond du Lac Tribal and Community College who are members of higher education individual retirement account plan authorized to elect coverage by Teachers Retirement Association and receive retroactive service credit.
Administrative changes made to the statutes governing the retirement plans administered by the Minnesota State Retirement System, the Public Employees Retirement Association, and the Teachers Retirement Association; and experience requirements modified for a Teachers Retirement Association executive director.
Administrative changes made to statutes governing the retirement plans administered by the Public Employees Retirement Association, monthly salary threshold requirements clarified, 60-day requirement for filing an election with the association added, and other retirement provisions modified.
Transfer of service credit authorization from the Minnesota State Retirement System general plan to the Minnesota State Retirement System correctional plan upon payment by an eligible member
Correctional state employees retirement plan; transfer of service credit from Minnesota State Retirement System general plan to Minnesota State Retirement System correctional plan upon payment by eligible member authorized.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions. (Formerly HSB 25.) Effective date: 03/28/2025.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions.(Formerly SSB 1080.)